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SPX/ES backtested their necklines in dramatic fashion yesterday. As we discussed, they had their choice of a gentle sloping path (which stretched to Wednesday or Thursday) or a sharp plunge.
SPX opend off 13 points and never looked back. The losses accelerated until it reached our downside target and VIX reached our 21 target — also a backtest.
The swift recovery in the closing hour and the overnight ramp job send the message that the worst is over for now. But, of course, we’ll want to see some follow through for confirmation.
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